Angola has also borrowed money from China, secured by oil. Those loans are squeezing state finances.

Balancing the budget has been a challenge, and the country is slashing spending by 20% in 2016.

Angola, like many African oil producing nations, is not diversified enough to weather the effects of the weak oil price. The sub-Saharan nation also subsidizes fuel, something the IMF has already warned against.

In 2013, Angola spent 4% of its budget on fuel subsidies.

The IMF-Angola talks will take place at the IMF spring meeting in Washington next week.

Angola last received help from the IMF in 2009 after the global financial crisis. That program was worth $1.4 billion.